Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Hello everyone!!!!
Me and my wife relocated to the Oak Ridge area in 2011 and are currently renting but would like to find a forever home now be for our lease is up. We have found such a place in Morgan County, A used double wide on a permanent foundation with about 48 acres. The trailer needs some work,Roof, hvac and some tlc. My question is are there any loan institutions or banks that would finance this or are we crazy for trying?
Any information or help would be appreciated.
Thank you!!
Mike
I would try Mortgage Investors Group in Knoxville or Johnson City. The land might be worth the loan amount, but I doubt you'll have much luck in the Double Wide unless you got some cash.
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
44,580 posts, read 81,186,228 times
Reputation: 57818
Around here they will lend on a mobile under 30 years old, beyond that you can only get a loan on the land and have to come up with a much higher down payment. You are also likely to have a septic tank, and that requires inspection and cleaning for the loan to close.
We are thinking of going with the land approach. 48 acres and throwing in the mobile home.
What is the % of down payment on something like this, Our credit union would only loan us if we bought a stick built on little land,Not fair! We might be able to get the property for around $60-75,000. Even if the property value is only $2,500 per acre it appears to be a good deal for them.
Does any Banks or Credit Unions around here deal with land loans?
Thanks again,
Mike
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
44,580 posts, read 81,186,228 times
Reputation: 57818
Land mortgages are riskier for the lender, since it would be harder to sell, especially if building will require zoning changes and utilities to be put in.
It's also a lot easier for a buyer to walk away if they are not living there.
While I understand that there is an older mobile, they are going to use their rules for bare land.
Most major lenders do it but the required down payment will be a lot more
and they will probably require PMI (private mortgage insurance) which will add to the payment amount. If you have $20,000 down and pay $60,000 and can meet the income to debt ratio you should be OK. Many will require 50% down but most are 20-30%.
Thank you all for your advice and I hope it will work out because we love this area!!
Mike
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
